Superannuation, commonly referred to as “super,” is a retirement savings system in Australia that is compulsory for most employees. Under this system, employers are required by law to contribute a percentage of their employees’ earnings into a superannuation fund, which is managed by a professional fund manager. Employees may also make voluntary contributions to their superannuation fund.

The purpose of superannuation is to provide Australians with a source of income in retirement. The money is invested by professional fund managers in a range of assets, such as shares, property and bonds, with the goal of growing the balance over time.

Superannuation is designed to be a long-term investment and access to the funds is restricted until retirement age or certain other specified circumstances, such as experiencing severe financial hardship or being diagnosed with a terminal illness.

Moving from the US to Australia requires careful planning and consideration. The first step is obtaining the appropriate visa, which varies depending on the nature of your stay. Next, research the cost of living in your preferred city and arrange for housing and healthcare. Before you move, ensure that your finances are in order and all necessary documents are up-to-date. Selling or storing your possessions in the US may be necessary, as transporting furniture and household items can be expensive. When packing, be mindful of items that may not be allowed into the country, including certain food products and prescription medications. Upon arrival in Australia, familiarize yourself with the local culture and customs to help ease the transition. Finally, connect with other expats or locals to build a support network and make the most of your new surroundings.